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With Bitcoin, you can use digital cryptocurrencies to complete your betting payments. To fully enjoy the benefits of the cryptocurrency, use our guide to check out the best Bitcoin betting sites. In this unbiased review, we cover the following:
- Background information on Bitcoin
- Security and safety of the cryptocurrency
- Steps in depositing and withdrawing funds using Bitcoin
Bitcoin is a cryptocurrency that was invented by a person, or group of people, who go by the name of Satoshi Nakamoto. Its full release and widespread adoption of the digital currency started in 2009. This digital currency is used to pay for products and services and is also gaining popularity at many online casinos and sportsbooks.
However, Bitcoin is different from traditional fiat currencies for several reasons. It features a decentralized nature with no central bank or single administrator that manages the network. Instead, it uses a peer-to-peer network, and transactions are validated using network nodes. You can earn these digital currencies as a reward through mining and exchange it for products, services, and even other currencies. Furthermore, the Bitcoin network offers secure, private, and transparent transactions.
As of 2017, the University of Cambridge estimated that there were more than 5 million unique users of cryptocurrency wallets, with Bitcoin as the most popular among users.
How to Bet With Bitcoin on Betting Sites
To fully enjoy the decentralized and transparent nature of Bitcoin transactions for betting, you first need to register an account with your preferred sportsbook. You can rely on our list of recommended bookies. Just complete the sign-up process by submitting your name, email address, and mobile number. It’s understood that you already have a Bitcoin wallet that you can use to store your digital currencies.
If you’re just starting, you first need to create your digital wallet and get your Bitcoin from one of the many popular cryptocurrency exchanges online. Upon confirmation of your Bitcoin betting account, you can start to deposit using the cryptocurrency.
How to Deposit on Betting Sites With Bitcoin
For online Bitcoin betting, you need to create and manage two accounts – your sportsbook account and your Bitcoin wallet. Before you proceed to your bookmaker, make sure you purchase your digital coins from one of the recommended cryptocurrency exchanges. You can use your local currency to purchase the coins.
To complete your Bitcoin deposit, go to the sportsbook’s ‘Cashier’ section and select ‘Deposit’. Some Bitcoin sports betting platforms accept different kinds of cryptocurrencies, so you need to verify the options and choose ‘Bitcoin’. Type the amount that you want to transfer and click approve. The system will then generate a ‘receivers ID’ which is available in at least two formats. Most Bitcoin betting sites use a sequence of letters and numbers as ID. Keep a copy of the ID for approving the transaction. With this, you can now proceed to your wallet and use this ID to facilitate the transfer.
Deposits using Bitcoin are also processed and credited instantly to your account. There’s a big chance that the Bitcoin sportsbook betting site will instantly convert the BTC into USD or EUR depending on its policy.
How to Withdraw on Betting Sites With Bitcoin
You can also use Bitcoin to request withdrawals on many Bitcoin betting sites. Withdrawing BTC from sportsbooks follows the same set of procedures. First, you need to visit your account and proceed to a section called ‘Cashier’ where you can find transaction records of your deposit and wins. Provide the amount you want to withdraw and choose the Bitcoin wallet to which you want your funds to be transfered. On most Bitcoin betting sites, you are given the option to automatically convert the BTC to your preferred currency. There’s even an option to convert your BTC into another digital currency. Most BTC-based transactions at Bitcoin betting sites are processed within 24 hours.
However, for your first-time request, the processing time is slightly longer. This is part of the industry’s requirement for the ‘Know Your Customer’ policy where the operator needs to verify the account through the submission of scanned ID’s and other documents. This is a one-time request, and your succeeding transactions will be processed using the standard time. Bitcoin betting sites today comply with these regulatory policies to prevent underage gambling and to protect customers and bookmakers from fraud.
Are Bookmakers That Use Bitcoin Safe?
All bookmakers listed here that accept Bitcoin are safe and offer a private way of sending and receiving funds. And when you sign up with a bookmaker that’s part of our list, you can count on secure and professional services. We review the encryption and cashier services offered of all Bitcoin betting sites so you can bet confidently.
Which betting sites accept Bitcoin?
If you prefer to use Bitcoin for fund transfers, you’ll be glad to know that there are several sports betting Bitcoin sites that offer the services. Check out our list to find the one you prefer.
How do I use Bitcoin on betting sites?
Before you can top-up your bookmaker account, you first need to set-up a Bitcoin wallet and get your Bitcoin from one of the many cryptocurrency exchanges. If you have a wallet in place, just visit the Cashier, choose ‘Deposit’ and follow the instructions provided.
Why should I use Bitcoin on betting sites?
Bitcoin offers a new way of completing payments online. Compared to traditional currencies, there’s no single central bank or authority that controls the network. All transactions on sports betting Bitcoin websites are also transparent and private. There’s no need to share your bank information, operators only require your Bitcoin email address.
What are the best betting sites for Bitcoin?
For Bitcoin-related transactions, check out our list of recommended sites or read some of the reviews on this page to find the one best suited for you.
For punters and casino enthusiasts looking for a reliable way to complete their payments, Bitcoin betting sites are considered some of the best. With your free Bitcoin betting account, you can enjoy an almost instant and private way of depositing and requesting payments. All deposit transactions are credited instantly, and withdrawals are often completed within 24 hours. Bitcoin also uses secure technology to protect your wallet. Most wallets today use authentication technology to ensure the integrity of all transactions. Finally, Bitcoin is starting to generate some loyalty in the business and you can now find Bitcoin-focused casinos and there are even Bitcoin-related bonuses that can enhance your gaming experience.